A handbook of primary commodities in the global economy: Third Edition, Marian Radetzki and Linda Wårell. Cambridge University Press, Cambridge 2021. ISBN (hardback) 978–1-108–84,154-2, ISBN (paperback) 978–1-108–97,091-4.

The authors reason that a historically high increase in demand for commodities is unlikely to push up equilibrium commodity prices to a more elevated level. But I do agree, demand growth for commodities is unlikely to push up equilibrium commodity prices to a more elevated level, what does push up the level would be a cost increase. Demand for primary commodities will stay elevated as more and more people enter the middle class. Considering this, and with the latest commodity boom in mind, prices will most probably also stay high. Falling demand and especially the falling share of primary commodities in the economy hide the fact that even mature economies still demand more primary commodities to continue to build their societies. [Extracted from the article]